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Korea's Green Growth Strategy: Mitigating Climate Change and Developing New Growth Engines

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  • Randall S. Jones
  • Byungseo Yoo
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    Abstract

    Korea’s greenhouse gas emissions almost doubled between 1990 and 2005, the highest growth rate in the OECD area. Korea recently set a target of reducing emissions by 30% by 2020 relative to a “business as usual” baseline, implying a 4% cut from the 2005 level. Achieving this objective in a cost-effective manner requires moving from a strategy based on voluntary commitments by firms to market-based instruments. The priority is to establish a comprehensive cap-and-trade scheme, supplemented, if necessary, by carbon taxes in areas not covered by trading. Achieving a significant cut in emissions requires a shift from energy-intensive industries to low-carbon ones. Korea is strongly committed to promoting green growth through its Five-Year Plan, which envisages spending 2% of GDP per year through 2013. One challenge is to ensure that these expenditures are efficiently targeted so as to develop green technologies, while avoiding the risks inherent in industrial policy. Stratégie de croissance verte pour la Corée : Lutter contre le changement climatique et tirer parti des nouvelles sources de croissance Les émissions de gaz à effet de serre ont pratiquement doublé en Corée entre 1990 et 2005, soit la progression la plus forte dans la zone de l’OCDE. La Corée s’est récemment fixé un objectif de réduction des émissions de 30 % en 2020 par rapport au statu quo, ce qui représente une baisse de 4 % par rapport au niveau de 2005. Pour réaliser cet objectif avec le meilleur rapport coût/efficacité possible, il faut passer d’une stratégie reposant sur des engagements volontaires des entreprises à la mise en place d’instruments de marché. La priorité est d’établir un dispositif complet de plafonnement et transfert, complété, si nécessaire, par une taxe sur le carbone dans les secteurs qui ne sont pas couverts par des permis d’émission. Réduire sensiblement les émissions implique de privilégier les industries sobres en carbone par rapport à celles à forte intensité énergétique. La Corée est déterminée à promouvoir la croissance verte via son plan quinquennal, qui prévoit de dépenser à cet effet 2 % du PIB par an jusqu’en 2013. L’un des principaux enjeux est de veiller à ce que ces dépenses soient efficacement ciblées sur le développement des technologies vertes tout en évitant les risques que présente toute politique industrielle.

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    Bibliographic Info

    Paper provided by OECD Publishing in its series OECD Economics Department Working Papers with number 798.

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    Date of creation: 29 Aug 2011
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    Handle: RePEc:oec:ecoaaa:798-en

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    Keywords: renewable energy; R&D; energy efficiency; climate change; greenhouse gas emissions; Clean Development Mechanism; Korean economy; carbon tax; green growth; environmental taxes; green certificates; energy subsidies; Kyoto protocol; emissions trading system; National Strategy for Green Growth; système d'échange de permis d'émission; stratégie nationale pour la croissance verte; économie coréenne; émissions de gaz à effet de serre; Protocole de Kyoto; taxes carbone; énergies renouvelables; efficacité énergétique; taxes environmentales; subventions d'énergie; certificats verts; croissance verte; mécanisme pour un développement propre; changement climatique; R&D;

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